Torrent Pharma Raises Investment in Torrent Urja 27 to Rs 11.88 Cr To Acquire 26% Stake

New Delhi: Torrent Pharmaceuticals Ltd has increased its proposed investment in Torrent Urja 27 Pvt Ltd to Rs 11.88 crore to acquire a 26 per cent stake, following an increase in project capacity, according to a regulatory filing on Monday.

The company had earlier entered into an agreement to invest Rs 7.9 crore for the stake.

An amendment agreement to the share subscription and shareholders’ agreement was executed on Monday to enhance the investment to Rs 11.88 crore from Rs 7.9 crore for 1,18,79,010 Class A equity shares of face value Rs 10 each, the filing said.

Torrent Urja 27 is setting up a captive hybrid (solar and wind) power project in Gujarat.

The transaction aims to enhance Torrent Pharma’s share of renewable power sources and fulfil the regulatory criteria for a captive user under Indian electricity laws, it said.

The acquisition is being done on an arm’s length basis for cash consideration and is expected to be completed in 18-21 months.

Torrent Urja, currently a wholly owned subsidiary of Torrent Green Energy Private Ltd, is a special purpose vehicle formed for setting up captive power projects in Gujarat.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)